OPEC DRAWS PRAISE FOR RESTRAINT

Delegates gathered in London for a Centre for Global Energy Studies (CGES) conference heard the Organization of Petroleum Exporting Countries praised for production restraint during the last 6 months. Dr. Richard Schenz, chairman of Austrian state company OMV AG, said if OPEC members were attempting to maximize production in the same way as non-OPEC producers, crude oil prices could be $10/bbl below recent levels. "They would simply fall to the very low level of the cost of producing the

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